US financial giant Franklin Templeton, which boasts $1.5 trillion in assets under management, has updated the S-1 filing for its XRP exchange-traded fund (ETF) filing.
The S-1 filing is a registration document that an issuer files with the SEC in order to launch a publicly traded product, which is an XRP ETF in this particular case.
The updated filing comes with shortened Section 8 (a) language, which is a clause in the Securities Act that makes it possible for the regulator to delay a registration's effectiveness.
The latest move means that the SEC is now preparing for the imminent approval of the registration.
This comes after Bitwise and Canary Fund also updated their filing.
XRP is still in the read
Despite the growing ETF momentum, the price of the ETF token remains in the red. The cryptocurrency has lost more than 14% over the past week amid a broader cryptocurrency market correction.
XRP's future price action will likely depend on the level of demand that spot-based ETFs will experience.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team